UK BASED HELIX TO EXPAND ELECTRIC POWERTRAIN OPERATIONS FOLLOWING PRIVATE EQUITY ACQUISITION
● Majority stake in Helix acquired by MiddleGround Capital, US private equity firm that invests in B2B industrial businesses
● New ownership allows Helix to invest in product development, increase production, and expand into new markets – including North America
● High-power-density technology has already been applied to top-level motorsport, Vertical Take-Off and Landing (eVTOL) aircraft, high-performance sportscars and motorcycles, and watercraft
Milton Keynes, UK, July 30 2024 – Integral Powertrain Ltd. (“Helix” or the “Company”), a leading designer and manufacturer of high-performance electric motors, high-voltage inverters and integrated electric drive units for a variety of rapidly-growing applications in the Mobility sector, has sold a majority ownership stake to MiddleGround Capital (“MiddleGround”), an operationally-focused private equity firm that makes control investments in North American and European headquartered middle market B2B industrial and specialty distribution companies.
Helix’s founding shareholders will remain in the business following its acquisition, with the business using the new capital to increase production, invest in product development, and expand into new markets including North America.
Headquartered in Milton Keynes, U.K., Helix is a leading supplier of high-performance electric powertrains, including fully scalable high-power-density electric motors, inverters, and electric drive units, engineered and manufactured in-house.
Helix technologies have already been applied in several high-growth electric mobility markets, including top-level motorsport including Formula E, hyperecars and supercars such as the Czinger 21c an Aston Martin Valkyrie; vertical take-Off and landing (EVTOL) aircraft; a New Zealand based space company; high-performance motorcycles; and watercraft with Seabird technologies in the E1 Race Series.,
“For 15 years Helix has been a pioneer in the realisation of powerful, compact, efficient electric drive systems enabling our clients to achieve outstanding, often record-breaking products,” said Darren Cairns, Helix Director and CEO. “We have established a proven track record, and our Scalable Core Technology has become one of the most trusted sources for high-performance electric propulsion products in the eMotorsport and hypercar markets. With the support of MiddleGround’s operational expertise and guidance, I am confident that we will have the necessary tools to continue to ramp up growth efforts and reach a wider range of clients at a greater scale.”
MiddleGround Capital has deep experience in the high-performance motorsport sector through its portfolio investments, including Xtrac; a leading global supplier of professional motorsport and specialised high-performance automotive transmission systems; New Eagle, which provides proprietary hardware and software solutions that are mission-critical for the development of control systems for a variety of applications, including autonomous and electric vehicles; and Race Winning Brands; a leading manufacturer and marketer of racing and high-performance engine components sold to the automotive and powersports markets. The investment in Helix represents the fourth transaction completed by MiddleGround’s European team since the establishment of its Amsterdam office in January 2023.
John Stewart, MiddleGround Founding Partner, commented: “Our investment in Helix represents a continuation of our strategy of partnering with leading companies aligned with our Mobility Thesis, particularly given their pioneering, high-performance motor and inverter technology. The Company is well-positioned to scale its product offerings and expand its addressable market, capitalising on the shift towards electric vehicles. We are very excited to lend our deep operational experience to their talented team, and to assist them in reaching their next stage of growth.”
Helix stands as one of the most trusted sources for high-performance electric propulsion solutions with strong design and engineering capabilities.
MiddleGround aims to add value and unlock future revenue growth by further enhancing Helix’s commercial strategy, building out production capacity to meet increasing demand, implementing procurement best practices, investing in new product development, and expanding into new markets and product segments within the United States.
EMW served as legal advisor to Helix. Dial Partners LLP served as financial advisor to Helix.
About MiddleGround Capital
MiddleGround Capital is a private equity firm based in Lexington, Kentucky with over $3.5 billion of assets under management. MiddleGround makes control equity investments in middle market B2B industrial and specialty distribution businesses. MiddleGround works with its portfolio companies to create value through a hands-on operational approach and partners with its management teams to support long-term growth strategies. For more information, please visit: https://middleground.com/.
MiddleGround Capital Media Contact:
Doug Allen/Maya Hanowitz
Dukas Linden Public Relations
MiddleGround@dlpr.com
+1 (646) 722-6530
